U.S. Markets closed

Forex Analysis: USD/JPY Classic Technical Report 12.24.2012

Ilya Spivak

Prices are stalling below resistance at 84.54, the 50% Fibonacci expansion, with a Hanging Man candlestick hinting a move lower may be ahead. Near-term support is at 83.83, the 38.2% expansion. A drop below that targets the 23.6% Fib at 83.01. Alternatively, a reversal through resistance exposes the 61.8% level at 85.14

Forex_Analysis_USDJPY_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 12.24.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.